Online Revolution Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08070421 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

ONLINE REVOLUTION LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr D Ibbotson

REGISTERED OFFICE:

46 Woodlands Avenue

London

N3 2NR

REGISTERED NUMBER:

08070421 (England and Wales)

ACCOUNTANTS:

ELM Partners

Chartered Certified Accountants

Southgate Office Village

286a Chase Road

Southgate

London

N14 6HF

FIXED ASSETS

Tangible assets

4

2,247

1,074

CURRENT ASSETS

Debtors

5

38,669

47,037

Cash at bank and in hand

126,033

125,759

164,702

172,796

CREDITORS

Amounts falling due within one year

6

46,298

113,871

NET CURRENT ASSETS

118,404

58,925

TOTAL ASSETS LESS CURRENT LIABILITIES

120,651

59,999

CREDITORS

Amounts falling due after more than one year

7

37,006

36,000

NET ASSETS

83,645

23,999

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

83,545

23,899

SHAREHOLDERS' FUNDS

83,645

23,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2023 and were signed by:

Mr D Ibbotson - Director

1.	STATUTORY INFORMATION

Online Revolution Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2021

-

6,746

6,746

Additions

1,846

991

2,837

At 31 May 2022

1,846

7,737

9,583

DEPRECIATION

At 1 June 2021

-

5,672

5,672

Charge for year

462

1,202

1,664

At 31 May 2022

462

6,874

7,336

NET BOOK VALUE

At 31 May 2022

1,384

863

2,247

At 31 May 2021

-

1,074

1,074

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by connected companies

-

1,795

Other debtors

736

-

Directors' current accounts

28,629

34,145

Tax

9,304

11,097

38,669

47,037

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,286

9,000

Trade creditors

2,124

425

Tax

20,390

15,049

Social security and other taxes

-

35,270

VAT

15,761

47,455

Other creditors

508

334

Net wages

-

4,409

Accrued expenses

2,229

1,929

46,298

113,871

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

5,286

18,000

Bank loans - 2-5 years

31,720

18,000

37,006

36,000

Included in loans is a Bounce Back Loan amounting to £45,000 that was advanced in May 2020. The government guaranteed 100% of the loan and there were no fees or interest to pay for the first 12 months. After 12 months, the loan interest is fixed at a cap of 2.5% per year and the loan can be repaid at any time before its full term of 6 years. The balance remaining on the loan as at the end of the financial year is £42,292.

8.	TRANSACTIONS WITH DIRECTOR

The following loan to a director subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

Mr D Ibbotson

Balance outstanding at start of year

34,145

20,686

Amounts advanced

11,461

16,489

Amounts repaid

(16,977

)

(3,030

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

28,629

34,145

During the year, interest was charged on the overdrawn director's loan account at the official rate of interest.

9.	RELATED PARTY DISCLOSURES

Included in "Debtors: amounts falling due within one year" is an amount of £nil (2021: £1,795) due from a company in which the director Mr D Ibbotson holds a beneficial interest. The loan is interest free.